Grovy India Limited (GROVY.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-178.4%

-₹47.02

vs ₹60.00 price

Levered DCF

-₹262.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.2

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.65×	35.91×	9.71×	36.03×	12.37×	5.94×	-2.91×	38.53×
P/B	2.09×	3.16×	0.52×	0.46×	0.28×	0.24×	0.44×	0.07×
P/S	1.45×	2.54×	0.5×	0.39×	0.15×	0.17×	0.22×	0.08×
EV / EBITDA	15.29×	30.35×	11.84×	12.17×	7.83×	5.08×	-9.2×	67.76×
Gross margin	10.5%	10.7%	8.6%	8.9%	6.2%	12.9%	-1.6%	6.8%
Operating margin	7.8%	7.5%	6.9%	6.0%	4.3%	10.6%	-12.6%	4.4%
Net margin	8.7%	7.1%	5.1%	4.3%	4.9%	11.6%	-7.5%	0.8%
Current ratio	1.52×	1.87×	2.89×	2.51×	2.82×	2.62×	1.85×	2.41×
Debt / equity	1.08×	1.21×	0.6×	0.58×	0.57×	0.57×	0.93×	0.68×
Interest coverage	3×	4.13×	3.38×	5.23×	38.87×	15.94×	-201.16×	622.32×
Dividend yield	0.3%	0.1%	0.3%	0.3%	0.8%	0.0%	0.4%	2.3%
Payout ratio	4.6%	1.9%	3.3%	2.8%	2.3%	0.0%	-1.3%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	8.8%	5.3%	5.1%	9.2%	16.0%	-15.1%	0.7%
Return on invested capital	4.0%	3.2%	3.4%	3.4%	4.9%	9.2%	-13.1%	1.6%
Return on assets	4.0%	3.7%	3.3%	2.6%	5.8%	10.1%	-7.0%	0.4%
Free cash flow yield	0.9%	-20.9%	-6.1%	-103.2%	-11.7%	20.1%	-27.6%	-527.1%
Earnings yield	6.0%	2.8%	10.3%	11.1%	32.3%	67.4%	-34.4%	10.2%
Enterprise value	₹731.2M	₹890.4M	₹210.8M	₹183.6M	₹94.7M	₹80.3M	₹121.4M	₹75M
Net debt / EBITDA	5.22×	8.39×	6.37×	6.76×	5.07×	3.49×	-6.24×	61.27×
Cash conversion cycle (days)	759	710	531	429	261	375	325	629